According to the monitoring of the Commodity Market Analysis System of Shengyi Society, in March 2026, the overall domestic 1 # antimony ingot market showed a trend of first rising and then falling, with a monthly increase. At the beginning of the month, the average market price was 168000 yuan/ton, and at the end of the month, the average price was 169000 yuan/ton, with a cumulative increase of 0.6% for the whole month.
| Gamma-PGA (gamma polyglutamic acid) |
Supply side:
In the international market, overseas antimony ingot prices fluctuated at a high level in March. Global antimony resources are scarce and there is a significant supply-demand gap. Overseas mining production is weak and supply elasticity is insufficient. At the same time, the price difference between domestic and foreign markets is gradually narrowing, and the flow of Southeast Asian antimony raw materials to China is increasing, which to some extent alleviates the shortage of domestic raw materials, but does not change the overall tight situation. The domestic and foreign supply sides jointly provide bottom support for domestic antimony prices.
The overall supply pattern of antimony ingots in China remained tight in March. The environmental supervision in the main production areas continues to be strict, coupled with the stable and limited pace of mining production, the slow pace of raw material replenishment in the smelting process, and the limited space for overall output release in the field. The tight circulation of raw materials combined with the overall low level of inventory in the industry, the shrinking volume of spot circulation in the market, and the cautious shipping mentality of production enterprises, have formed a stable support for the market in terms of overall supply of goods. The temporary tight supply of goods has also driven the prices to rise in stages during the month.
Demand side:
Flame retardant materials account for about 55% of the traditional downstream demand for antimony, while glass accounts for about 15%. Antimony is an essential element in photovoltaic glass production and cannot be replaced. With the continuous development of China’s photovoltaic industry, the main increment of antimony metal in the future will be in the photovoltaic field.
Antimony oxide: In March, downstream demand was mainly stable and rigid, with limited capacity to accept high priced antimony ingots, which restricted the upward space of prices. Among them, antimony oxide, as a core deep processing product, has a highly correlated demand performance with the antimony ingot market. As the largest consumer scenario of antimony oxide in the traditional flame retardant field, regular on-demand procurement was maintained in March without centralized replenishment behavior. Due to restrictions on halogenated flame retardants in the European Union and other regions, as well as fluctuations in bromine prices, downstream enterprises have limited acceptance of high priced antimony oxide, and procurement is mainly focused on small batch and essential replenishment..
Photovoltaic: Demand steadily increased in March, and antimony oxide was processed into sodium pyroantimonate and used as a clarifying agent in photovoltaic glass production to improve glass transparency and strength. However, the industry’s high inventory and oversupply pressure have not yet eased, and the pace of demand release has slowed down, failing to form a large-scale procurement pull. The demand for lead-acid batteries and other traditional fields remains stable, and the overall downstream purchasing mentality tends to be cautious. The wait-and-see sentiment is heating up, and there is insufficient follow-up on actual transactions. The market’s fear of high prices is gradually emerging.
Market outlook: Taking into account the domestic and international supply and demand patterns, it is expected that the domestic antimony ingot market will maintain a high level of volatility and a stable to strong operation in April. On the supply side, domestic environmental protection and mining control continue, and the tight overseas supply pattern is difficult to change. The shortage of raw materials and the reluctance of enterprises to sell still exist, and low-priced sources are scarce. Merchants have a strong willingness to raise prices. On the demand side, the demand for antimony oxide in the flame retardant field remains stable, and the incremental support in the photovoltaic glass field will continue. However, downstream acceptance of high costs is limited, making it difficult to have explosive growth and limiting the potential for significant price increases. It is expected that the overall trend will continue to be dominated by high-level fluctuations and consolidation.
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